Global Topical Hydrocortisone Market: Introduction
- Topical hydrocortisone is defined as a medicine that's directly applied to the skin to treat a range of skin conditions (e.g., insect bites, poison oak/ivy, eczema, dermatitis, allergies, rash, itching of the outer female genitals, anal itching). Hydrocortisone reduces the swelling, itching, and redness that may occur in these kinds of conditions.
- Topical delivery is considered as the foremost convenient and preferred treatment option for skin diseases. Most drugs are systemic therapies, while topical drugs are generally targeted therapies. These drugs are delivered to restricted sites such as joints or diseased skin sites.
- According to the CDC, in the U.S., 2 million people are infected with bacteria that is resistant to antibiotics, and at least 23,000 people die due to such infections
- According to the estimation of WHO, approximately 30 million people suffer from sepsis every year globally. Especially in low-income countries where the mortality rate exceeds 60%, sepsis is a major challenge for doctors. Sepsis is caused when the body’s immune response is overactive and injures its own tissues. Hydrocortisone in combination with vitamin C and thiamine can be used for the treatment of sepsis shock and prevention of organ dysfunction and kidney injury.
Key Drivers, Restraints, and Opportunities of Topical Hydrocortisone Market
- Continuous research in the treatment of various skin conditions and a rise in new product launches are key factors driving the market
- Topical hydrocortisone has been utilized for the treatment of atopic dermatitis for several years. Hydrocortisone was the first corticosteroid used for the treatment of atopic dermatitis. Currently, numerous additional corticosteroid compounds have been licensed for the treatment of atopic dermatitis.
- Auto-immune diseases, such as rheumatoid arthritis, which exhibit signs of inflammation at the articulation are rising worldwide, and hydrocortisone can be used to lower the inflammation
- According to American Autoimmune Related Disease Association, approximately 50 million people have been diagnosed with an auto-immune disease and this number is expected to increase in the near future. Approximately, US$ 888 million have been spent research on auto-immune disease.
- Topical drugs are safer for newborn babies and geriatric patients. These drugs are administered consistently through non-oral routes by maintaining active levels over an extended time. Thus, an increase in preference for topical drug delivery is expected to drive the global topical corticosteroids market.
North America to Dominate Global Topical Hydrocortisone Market
- North America accounted for a prominent share of the global topical hydrocortisone market due to an increase in prevalence of skin disease and the demand for new topical products for its treatment. According to Stanford University, every year about 5.4 million new cases of skin-related diseases are diagnosed in the U.S. Additionally, a rise in the geriatric population is another factor boost the market in North America.
- Europe is the second-largest topical hydrocortisone market across the globe owing to increasing awareness about skin-related diseases, expansion of the dermatology market in numerous countries across Europe, and an increase in investment in the healthcare domain by governments in the region
- In Asia Pacific, increase in government support for research & development in the healthcare domain, rise in number of dermatology clinics, and an increase in prevalence of skin diseases propel the market in the region
- Middle East & Africa is expected to account for a relatively minor share of the global market due to less availability of medical facilities and less development in the healthcare domain in the region
Key Platers of Global Topical Hydrocortisone Market
- Pfizer Inc
- AstraZeneca plc.
- Sun Pharmaceutical Industries Ltd.
- Taro Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- Actimis Pharmaceuticals
- Siemens Healthcare
- Novartis International AG
- Eli Lilly and Co.
Global Topical Hydrocortisone Market, Research Scope
Global Topical Hydrocortisone Market, by Purchase Mode
- Over-the-Counter (OTC)
Global Topical Hydrocortisone Market, by Dosage Form
Global Topical Hydrocortisone Market, by Application
- Skin Infection
Global Topical Hydrocortisone Market, by End-user
- Dermatology Clinics
Global Topical Hydrocortisone Market, by Distribution Channel
- Hospital Pharmacies
- Pharmacy Stores
Global Topical Hydrocortisone Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.